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Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Comstock Resources
Comstock Resources (CRK) investor relations material
Comstock Resources Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary6 May, 2026
Executive summary
Q1 2026 results were impacted by lower production due to significant winter weather, but net income rebounded to $112.5 million, reversing a prior-year loss, with revenue rising 15% to $587.4 million, driven by higher natural gas prices and gas services revenue.
Natural gas and oil sales, including hedging, totaled $339 million, with operating cash flow of $192 million and adjusted EBITDAX of $251 million.
Adjusted net income was $44 million, or $0.15 per share, excluding non-recurring items.
Strong late-quarter drilling results in both Western and Legacy Haynesville are expected to drive production growth for the remainder of 2026.
The Western Haynesville site was selected for a 5.2 GW natural gas-fired power generation hub, with up to 1 Bcf/d of gas to be supplied by 2031.
Financial highlights
Q1 2026 production averaged 1,088 MMcfe/d, down from 1,279 MMcfe/d in Q1 2025.
Oil and gas sales after hedging were $339 million; operating cash flow was $192 million; adjusted EBITDAX was $251 million.
Net income available was $107.5 million, reversing a loss of $121.3 million in Q1 2025.
Realized natural gas price after hedging was $3.45/Mcf in Q1 2026, up from $3.27/Mcf in Q4 2025.
Free cash flow deficit after acquisition and divestiture activities was $(223.3) million.
Outlook and guidance
Production is expected to rebound in Q2 and beyond, with anticipated 13–15% sequential growth and 2026 guidance of 1,250–1,400 MMcfe/d.
Plans to spend an additional $1.1–$1.2 billion on drilling, completion, and infrastructure in the remainder of 2026.
Expect to drill 71 wells and turn 68 wells to sales in 2026 across Western and Legacy Haynesville.
Guidance is based on best estimates from drilling and completion schedules, with Western Haynesville volumes expected to become more predictable.
Management expects to fund capital needs through operating cash flow and available credit facilities, with liquidity at quarter-end of $1.3 billion.
Compare Western vs Legacy Haynesville IP rates
Analyze drivers of the Q1 2026 free cash deficit
Assess impact of hedging on Q1 2026 margins
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Latest events from Comstock Resources
- Shareholders to vote on director elections, auditor ratification, and executive pay approval.CRK
Proxy filing24 Apr 2026 - Shareholders to vote on directors, auditor, and executive pay amid strong results and ESG focus.CRKProxy filing23 Apr 2026
- Q4 2025 delivered strong sales, cash flow, asset sales, and doubled proved reserves.CRKQ4 202512 Feb 2026
- Q2 net loss widened on weak gas prices, but liquidity and hedging support future recovery.CRKQ2 20242 Feb 2026
- Q3 2024 adjusted net loss of $48.5M as low gas prices offset production gains.CRKQ3 202417 Jan 2026
- Western Haynesville growth, cost discipline, and strong liquidity drive future expansion.CRKQ4 202429 Dec 2025
- 12.5 million shares registered for resale by major holders; no proceeds to the company.CRKRegistration Filing16 Dec 2025
- Higher gas prices boosted Q1 results, but derivative losses led to a $115M net loss.CRKQ1 20253 Dec 2025
- Shareholders to vote on director elections, incentive plan expansion, and auditor ratification.CRKProxy Filing1 Dec 2025
Next Comstock Resources earnings date
Q2 202630 Jul, 2026
Comstock Resources
Next Comstock Resources earnings date
Q2 202630 Jul, 2026
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Amina0781App Store
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